The need for a decentralized but controlled access to the internet is rising as human beings evolve further into being a digital civilization
. The property of blockchain that allows to incrementally store data(capitalizing on Moore’s law) immutably, provides a novel way to serve end-users fast while preserving user privacy and security.
Web 3.0 provides a new way to deeply integrate content into the blockchain ecosystem with targeted precision via algorithms removing the need for a middle man.
Blockchains can be designed and deployed to cater to various systems, but a unified system on which the world can publicly or privately build upon is a need of the hour as diverse blockchain ecosystems keep emerging in the increasing market. As of now, mining extracts value out of “thin air”, even though several justifications are provided including the arguments for “trust-free process” and “compensation for resource usage”.
We propose a design of the blockchain as follows:
The reason for having a single master wallet in the network is to bring the digital blockchain economy closer to conditions in the real world, to propel the next breakthrough in the digital space. The amount of gold is finite, and this scarcity is automatically built into the master wallet.
Master wallet disburses DIG to the first nodes by buying NFTs from participants, and can later exchange them for DIG / other NFT / other item of same value. Having a single public master wallet would boast unbreakable security of the network.
The source code needs to be designed in a way that the minimal initial setup needs at least one node participating in the network, identifiable as a wallet address, and the master wallet address built with a random multisig wallet address having the keys of the first node’s wallet.
Multisig wallets are the way to fine tune access to resources on the network. Accomodating numerous keys per multi-signature wallet could be developed without sacrificing speed and efficiency of transactions.
Blockchain technology would be immensely helpful in futuristic scenarios where off-Earth colonies are set up in the solar system. All colonies can remain connected to each other while accessing a common network to transact upon.
The blockchain is a treasure trove for AI to train upon in real-time.
The issuing authority mints an NFT for the digital ID. The NFT can contain data encrypted by the user’s wallet’s key so that it is accessible by the user only. Any authority wanting access to this record can confirm that the issued NFT data is indeed signed by the wallet, and can validate authenticity. The contract ID of the NFT becomes the pseudonymous digital ID of the user on the blockchain.
The user can unlock this digital ID, and can share with other authorities as necessary. User can also request issuing authority to create other digital IDs that point to the original encrypted digital ID for consensual public access. These can be quickly revoked in cases of data breach.
CBDCs are an up and coming topic in the digital space. More countries are exploring tokenisation of own currency to settle trades digitally instead of using exchange currencies. Blockchain provides an easy way to settle payments in a transparent fashion.
Real world assets can be tagged onto the blockchain, or put up for listings. These serve as proof-of-holding, whose ownership can easily be transferred. For example, to exchange 24-karat gold for DIG, the necessary NFT can be put up for sale, and the interested party can either purchase with DIG, or some other digital entity of equal value.
Land holdings based on proof-of-deed can be easily put up on the network for purchase or rent(auto-expiry NFTs).
Fuels, minerals and grains based NFTs can be auctioned on the global market for CBDC or DIG. Supply-chain management can connect their own blockchains to the network to track real-world dispatch and shipping.
Companies can hold their own multisig wallets on the network and can issue their own NFTs to employees which can serve as proof-of-employment. The necessary work experience certificates can be issued to alumni via NFTs. NSR can be updated on the chain. Salary receipt NFTs can be issued on behalf of employees to tax authorities automatically. The process would further promote complete transparency on the blockchain.
Carbon absorption mechanisms can be put up on the public blockchain. The surplus credits can be auctioned on the wholesale market and can be purchased using other tokens or DIG. Investment in carbon absorption mechanisms(forests, for example) around the world can help promote healthier ecosystems, the responsibility of maintenance of which can be mutually allocated to industries looking to offset emissions. The problem with emission measurement is that the standards depend upon the governing bodies, which could lead to non-uniform tokenisation of the carbon credits.
Man-made carbon storage mechanisms should be deprecated. The carbon being stored remains so forever, and introduces maintenance charges for the same. Forests, oceans and glaciers, where most of the carbon remains trapped are some time-tested, standard and efficient natural resources to improve / build upon.
Some carbon offset mechanisms include conversion of this carbon into edible form such as solein, which is how carbon capture mechanisms can be justified. However, it is better to depend on natural food sources than solein to supplement food requirements. Over and above that, the bacterium used for the synthesis takes carbon dioxide from free air, thereby reducing the need for carbon storage.
Blockchain-based secure communication channels can be setup over network nodes while preventing unauthorized data access, providing wallet-based access. This assists in setting up networks that can serve as official communication channel providers for parties.
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Carbon credits are a bunch of bullshit so this probably is too.
As someone who unfortunately understands the original post, carbon credits could at least theoretically be made useful if they were verified and actually covered the cost of removing carbon from the atmosphere, which is more than can be said of the rest of the post or using web 3 for anything.